TradeTech Sees 123% YoY Increase in Revenues in H1 of 2020

Playtech (LSE: PTEC), a provider of online gaming and sports betting software, has announced its financial results for the first six months of the year for its operations, including the performance of TradeTech Group.

Across the first half of this year, TradeTech Group, the financial division of Playtech, achieved a solid performance. This was driven by heightened levels of market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term, which resulted in higher trading volumes across the majority of the six month period.

In particular, in H1 of 2020, TradeTech’s revenues came in at €87.3 million. When measuring this against the first half of 2019, revenues have more than doubled, increasing by 123 per cent.

Additionally, adjusted EBITDA saw a significant uptick, increasing by 544 per cent from the €8.2 million figure posted in the first six months of last year, to reach €52.8 million for the first half of 2020.

Commenting on the Group’s performance, Mor Weizer, the CEO of Playtech, said in the statement: “The attitude of our people coupled with the resilience and diversification of our technology-led business model has delivered a strong first-half performance during an extremely challenging period for the industry.

“These strengths, combined with early decisive action to focus on the safety of our employees and protect the Group’s cash flow, has placed us in a strong position to benefit from the recovery and to capture the exciting market opportunity in the U.S. and Latin America…”

Tradetech Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term

As Finance Magnates reported, Playtech confirmed in August that it is exploring a potential sale of its trading technology division TradeTech. Specifically, it is engaged in talks with ‘a number of parties’ that are interested to acquire TradeTech’s operations, which provides spread-betting services to businesses and consumers.

Following on from this, Israeli news agency Calcalist reported that Bank Leumi (TASE: LUMI) joined forces with two Israeli insurance companies to take part in negotiations to acquire Playtech’s trading technology division, TradeTech.